Lachlan Star Limited — Major Shareholding Notification 2007

Oct 16, 2007

603 page 1/2 15 July 2001

Form 603

Corporations Act 2001 Section 671B

Notice of initial substantial holder

To: Company Name/Scheme Toodyay Resources Limited ACN/ARSN 000 759 535 1. Details of substantial holder (1) Name Straits Resources Limited ACN/ARSN (if applicable) 056 601 417 This notice is also given on behalf of the subsidiaries of Straits Resources Limited, including those set out in Annexure A (“Straits Subsidiaries”). The holder became a substantial holder on 15/10/ 2007

2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class of securities(4)	Number of securities	Person’s votes(5)	Voting power(6)
OrdinaryFullyPaid Shares	95,000,000	95,000,000	13.18%

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Nature of relevant interest(7)	Class and number of securities
StraitsExploration(Australia)PtyLtd	Registeredholderofthe securities	95,0000,000 Ordinary Shares
Straits Resources Limited	Taken under section 608(3)(a) of the Corporations Act to have a relevant interest by reason of having voting power above 20% of StraitsExploration(Australia)PtyLtd.
Each of the Straits Subsidiaries	Taken under section 608(3)9a) to have a relevant interest by reason of having voting power (through the relevant interests of their associate, Straits Resources Limited) above 20%inStraitsExploration(Australia)PtyLtd.

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder(8)	Class and number of securities
Straits Exploration (Australia) Pty Ltd	Straits Exploration (Australia) Pty Ltd	Straits Exploration (Australia) Pty Ltd	95,500,000 Ordinary Shares

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant interest	Date of acquisition	Consideration(9)	Consideration(9)	Class and number of securities
		Cash	Non-cash
Straits Exploration (Australia) Pty Ltd	15 October 2007		Tenaments	95,000,000 Ordinary Shares

603 page 2/2 15 July 2001

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN/ARSN(if applicable)	Nature of association
Refer AnnexureA

7. Addresses

The addresses of the persons named in this form are as follows:

Name	Address
StraitsResourcesLimites	Level 1, 35Ventnor AvenueWestPerth WA6005
Straits Subsidiaries	Level 1, 35Ventnor AvenueWestPerth WA6005

Signature

print name Shaun Day

capacity Company Secretary

sign here

==> picture [120 x 36] intentionally omitted <==

date 17/10/2007

DIRECTIONS

• (1) If there are a number of substantial holders with similar or related relevant interests (eg, a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 7 of the form.

• (2) See the definition of “associate” in section 9 of the Corporations Act 2001.

• (3) See the definition of “relevant interest” in sections 608 and 671B(7) of the Corporations Act 2001.

• (4) The voting shares of a company constitute one class unless divided into separate classes.

• (5) The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant interest in.

• (6) The person’s votes divided by the total votes in the body corporate or scheme multiplied by 100.

• (7)

Include details of:

• (a) any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of any document setting out the terms of the relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

• (b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of “relevant agreement” in section 9 of the Corporations Act 2001.

• (8)

• If the substantial holder is unable to determine the identity of the person (eg if the relevant interest arises because of an option) write "unknown".

• (9) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

J:\ADMINISTRATION\SECRETARIAL\COMPANY SECRETARY\Coy secretary\ASX forms\SSN Becoming_TDR_!20071017.doc

603 GUIDE page 1/1 13 March 2000

This is Annexure A of one page referred to in Form 603 – Notice of Initial Substantial Holder dated 17 October 2007 and signed by me.

==> picture [111 x 24] intentionally omitted <==

Shaun Day Company Secretary Straits Resources Limited

STRAITS SUBSIDIARIES

Registered Officer for all listed below: Level 1, 35 Ventnor Avenue West Perth WA 6005

STRAITS MINING PTY LTD 055 020 614 TRITTON RESOURCES LIMITED 100 095 494 TRITTON EXPLORATION PTY LTD 101 211 992 GIRILAMBONE COPPER COMPANY PTY LTD 057 083 637 STRAITS (WHIM CREEK) PTY LTD 071 748 911 STRAITS GOLD PTY LTD 072 498 081 STRAITS (HILLGROVE) GOLD PTY LTD 102 660 506 STRAITS INDO GOLD PTY LTD 104 934 321 INDO MURO PTY LTD 100 135 000 MURO OFFSHORE PTY LTD 050 028 389 STRAITS BULK & INDUSTRIAL PTY LTD 075 415 806 STRAITS SALT PTY LTD 107 118 570 STRAITS EXPLORATION (AUSTRALIA) PTY LTD 061 614 695 STRAITS MINE MANAGEMENT PTY LTD 083 686 033 NEURAL MINING SOLUTIONS PTY LTD 073 277 899

The above companies are all subsidiaries of Straits Resources Limited pursuant to section 9 of the Corporations Act.